Annus Horribilis Climaxes in Anxiety as New Year's Economy Sees No Bottom This was the year the global economy fell apart. Next year may not be that much better, as policy makers try to put the pieces back together.

Japanese Business Confidence Plunges Most in 34 Years as Recession Deepens Sentiment among Japan’s largest manufacturers fell the most in 34 years, signaling companies are likely to cancel spending plans and cut more jobs, pushing the economy further into recession.

Bank of Japan May Need to Cut Rate Again, Former Deputy Governor Muto Says The Bank of Japan may cut the benchmark interest rate further to show its commitment to countering a deepening recession and market turmoil, said Toshiro Muto, a former central bank deputy governor.

China's Industrial Output Grows at Weakest Pace Since 1999 on Export Slump China’s industrial production grew at the weakest pace in almost a decade as export growth collapsed, increasing pressure on the government to do more to revive the slumping economy.

Swiss Producer, Import Prices Drop Most in 33 Years on Cost of Commodities Swiss producer and import prices fell the most in 33 years in November as raw material costs dropped.

Australia Cuts Commodity Export Sales Forecast 10% on Global Credit Crisis Australia, the world’s largest shipper of coal, iron ore and wool, cut its commodity exports forecast by 10 percent because of the global financial crisis that may continue to hinder any recovery until the second half next year.

U.K. House Prices Will Drop 10% in 2009 as Recession Bites, Rightmove Says Ireland’s government may lead a 10 billion-euro ($13.4 billion) bailout of the country’s biggest banks after the collapse of the property boom and the global financial crisis depleted capital.

Sri Lanka's Credit Rating Cut by Standard & Poor's on Mounting Public Debt Sri Lanka’s credit rating was cut to five levels below investment grade by Standard & Poor’s, citing mounting public debt and political and security concerns.

Treasury Benefits From `Massive Paranoia' as Bailout Borrowing Cost Falls Bill Clinton was forced to abandon spending initiatives to boost the economy at the start of his presidency when advisers warned him that the borrowing needed to fund the programs would push interest rates higher. President- elect Barack Obama may not have the same problem.

`Hopeless' Pound Throttles Spending by Britons Headed for Europe Vacations Country musician Rob Childs shook his head in disbelief after buying euros at London’s St. Pancras International train station.

Swiss Producer, Import Prices Decline Most in 33 Years: Table of the Day Following is a summary of November producer and import price index for Switzerland from the Federal Statistics Office in Neuchatel:

Fed Watch

Fed Refuses Bloomberg Request to Name Recipients of $2 Trillion in Lending The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Fed's Interest Payments on Reserves May Inhibit Lending, Rep. Bachus Says The Federal Reserve’s payments of interest on bank reserves may be discouraging financial institutions from making loans to consumers or other banks, the top Republican on the House Financial Services Committee said.

Bernanke Talked to Obama Twice in September, Hosted Meeting With Wagoner Federal Reserve Chairman Ben S. Bernanke talked twice with Barack Obama during the week in September that government officials let Lehman Brothers Holdings Inc. fail and began engineering a banking industry rescue.